While memecoin launchpad letsBONK.fun has managed to beat Pump.fun in recent days, BONK is soaring. Let’s take a closer look at these performances.
BONK climbs in the wake of letsBONK.fun’s performance
While memecoins have been losing some of their popularity in recent months, BONK has been particularly noteworthy in the last few days, with its price rising by around 67% over 7 days, including 7.5% in 24 hours.
Despite this notable performance over the past few days, the asset is still down more than 60% since its last all-time high in November 2024:
The short-term rise has been driven in particular by the surge in popularity of the memecoin launch platform letsBONK.fun, which has surpassed its main competitor Pump.fun. After reaching an initial record of $1.04 million in fees generated on Sunday, this record was broken again on Monday with $1.23 million:
By way of comparison, Pump.fun generated $910,000 and $920,000 in fees over the previous two days. Unlike letsBONK.fun, however, the platform is far from its record, which was set on January 23 at $7.07 million.
This is therefore a first victory for letsBONK.fun, launched at the end of April on Solana (SOL).
According to Jupiter data, the platform generated $490.55 million in volume over the past 24 hours, thanks to nearly 187,000 traders. While this represents a 47.6% market share, Pump.fun recorded 40.9% of the volume, with $422 million and 328,000 traders.
In terms of the performance of new memecoins on each platform, more than 21,000 were launched in 24 hours on letsBONK.fun, with only 208 achieving sufficient liquidity to be launched on a centralized exchange (DEX), compared to a ratio of 79/9,921 on Pump.fun.
However, the reliability of such volumes can be called into question by the way they are generated. Indeed, Conor Grogan, a director at Coinbase, argues that “the vast majority of tokens launched on PumpFun and LetsBonk are now managed by bots.” In a Dune query shared on X, he highlights that the main addresses behind these launches create an average of one memecoin every three minutes:
Returning to the BONK memecoin itself, another factor contributing to its rise can be identified in the teams’ promise to destroy 1 billion tokens when BONK reaches 1 million holders (currently 950,000). However, this reason can be put into perspective, as the number of tokens in circulation today is nearly 88,796 billion.
